Knowledge of effective processes required for the overall success of the business

Knowledge of payroll and human resources

Ability to identify, hire and mentor key employees; including the Controller.

Important Personality Traits:

What Does Your Company Need?

CONTROLLER

CFO

Reactionary: Adept at attending to tasks that meet current needs

Strategic thinker; Always looking forward

Prefers hands-on accounting over interacting with others

Understands people; able to elicit ideas from others; a team player

Task and detail oriented

Focuses on the big picture

Adheres to rules; compliance focused

Understands fiscal nuance’s

Logical; Everything has to make sense.

Ability to think outside the box

While all companies can benefit from having someone in the role of Controller and CFO, that is not always feasible.

Key Considerations:

CONTROLLER

CFO

Essential for all companies

Essential for growing and large companies

Hiring a Controller with the potential to step into the CFO role is optimal

Understands the role of the Controller and can effectively hire for this function.

Budgeting for this position is critical to ensure sound financial operating practices are in place, and accurate financial reporting is provided on a timely basis

Goal of expanding revenue to provide the financial resources to fill this role is essential.

Can function as the Bookkeeper and Staff Accountant in a new or small company
CFO

Optimally, can also function as the Controller if needed.

A small company often does not have the financial resources to hire either a Controller or a CFO. In this case, consideration could be given to a part-time Controller with the skill set that allows them to also serve as a part-time CFO. The part-time Controller can oversee the bookkeeping function, generate financial reports, and manage day-to-day accounting functions, and as the CFO can partner with the CEO on strategic efforts, e.g., banking, business expansion, assessment of company performance.

Is There an Option to Have the Best of Both Worlds?

Contact Us to Learn More About How You Can Benefit from CFO Strategies!

About Lori Goldman

Lori Goldman is a CPA with over 30 years of experience in financial accounting, reporting and operational roles across various industries, most recently as a chief financial officer of a non-profit health care provider.